National Card Solutions Issues EVM Advisory EVM For Small Businesses

“Only 30% of US consumers do not have emv enabled credit cards,” says Nancy Clinton of National Card Processors, “yet less than 55% of businesses now accept the bank mandated technology.” It is no secret that the emv enabled cards are more secure for businesses, then why are they not gravitating to the new technology? Cost is the main reason. For a multi store location, it can cost thousands of dollars in in cash and time to make the switch.

However, banks now, will not allow a merchant to contest a fraudulent charge in their store, if they do not have, and have not used the new emv enabled processing technology. The potential fraud cost for some business is pushing them to make the switch, despite the costs.

October 2017 is the deadline for gas stations to comply with the new technology. Clinton states, “There is confusion in the marketplace as well. People swipe at the grocery store, but are told they need to dip their card, yet they go to a mobile merchant such as a food truck, and their card is swiped. There is no uniformity for the public, so it is very hard to start forming habits.”

Mobile payments now figure into the picture as an alternative way to pay. Touch your phone to the terminal using Samsung or Apple pay, you are paid, and never need to use your card. This simple procedure will slow emv terminal adoption by 5-10 years some experts are saying.

“Credit card fraud in the US will not stop as evidenced by the major security breaches at Target and the IRS,” Clinton says, “Social Security numbers are the targets, with a SS number thieves can create new credit card accounts. Everyone must protect themselves, including small businesses.